Features of the niche product include pre- and post-loss cyber risk management services, as well as cover for loss of management fees due to network interruption – a first in the industry, according to Pioneer. The new offering aims to address investment managers’ unique cyber requirements.

“We recognise that, to date, the insurance sector has been slow to respond to the specific needs of investment managers in relation to cyber exposure,” said Simon Holt, senior underwriter – financial institutions, during yesterday’s launch. “In response, we have worked hard to develop an investment management insurance product that contains cyber cover specifically tailored to the sector.”

Pioneer’s latest cover was introduced at a breakfast briefing that featured Reynolds Porter Chamberlain’s Philip Tansley and Standards Board for Alternative Investments’ (SBAI) Thomas Deinet. Tansley talked about the cyber risks currently being faced by investment managers and the role a cyber response team plays, while Deinet shared the results of SBAI’s cyberattack simulations.

“This new product will allow Pioneer and our brokers to better meet the needs of our mutual insureds,” said Holt.